Is Buying a Fixer-Upper Right for You?
Limited inventory and rising home prices have some potential buyers considering a viable solution they may have ignored when they first began searching – buying a fixer-upper. Some of these homes simply need a little fixing, which is a great option, and others may need a lot of repair, which is riskier.
The range in what fixer-upper homes need can be vast. So, ask yourself this: Is buying a fixer-upper the right choice for you, and how much fixing is too much for you to handle?
Here are a few things to consider:
Finally, a home inspection is a must before you buy a fixer-upper because it could inform you of any structural issues with the home. Don’t purchase a home unless you feel strongly assured that you have uncovered all of its structural problems and you can tackle and afford the repairs it will require.
Your offer on the home, should you choose to buy, should reflect the cost of the repairs needed. This means the current market value of the home if it were in good condition, minus the cost of repairs. Your Realtor can advise you about what similar properties are selling for in the current market. Make sure to ask questions and keep an open mind when it comes to fixer-uppers.
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